Strict VOC emission rules and regulation is uplifting the growth of the global vapor recovery units market

 

Vapor Recovery Units Market

Strict regulation regarding the VOC emission for reducing harmful effects of VOC is propelling the growth of the global vapor recovery units market. These policies are basically implemented for crude oil production companies and the petroleum industry to install vapor recovery units in each plant. For instance, in May 2016 U.S. Environmental Protection Agency (EPA) introduced a set of standards to reduce VOC, methane, and toxic air emissions in the oil and natural gas industry. According to the new standards, methane emissions in the oil & gas industry in the country need to be reduced by 40-45% by 2025 as compared to levels in 2012. Environmental and economic advantages offered by vapor recovery units are also expected to foster the growth of the vapor recovery units market.

Vapor Recovery Units are used worldwide to remove VOCs from a variety of industrial, commercial, and household emissions. The vapor recovery industry is currently a small but rapidly growing market, primarily due to the increasing need for clean energy alternatives and environmental responsibility among consumers. As government support for clean coal technology increases, there is also an increased focus on reducing greenhouse gases through improved public awareness and stricter regulations. The oil and gas industry is one of the largest users of vapor recovery units, as it is the only sector which relies on the emissions for their operations. Many oil companies have installed units on well sites to capture emissions that would otherwise be lost through venting and flaring.

1.      In January 2017, Aeron Inc. collaborated with Honeywell to leverage Honeywell’s Industrial Internet of Things (IIoT) ecosystem for the oil & gas industry

2.      In August 2020, The southern bench of the National Green Tribunal has directed oil companies to file a status report on the implementation of the Vapour Recovery System (VRS) in fuel retail outlets in Tamil Nadu.

North America is expected to dominate the global market and this is attributed to the strict VOC emission rules and regulations in the region. For instance, the US regulates VOCs at the federal level through the 40CFR 59, which is the National Volatile Organic Compound Emission Standards for Consumer and Commercial Products. Moreover, increasing crude oil production in the region is again projected to foster the regional growth of the vapor recovery units market.

Major players involved in the global vapor recovery units market are John Zink Company, LLC, Hy-Bon/EDI, Whirlwind Methane Recovery Systems LLC, Petrogas Systems, Accel Compression Inc., PSG Dover, Wintek Corporation, AEREON Inc., and Cimarron Energy Inc.


Location: India

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